Regulatory Relief Bill Signed into Law
Includes Murkowski’s Legislation to Grow Small Businesses, Jobs, and Local Economies
U.S. Senator Murkowski (R-AK) applauded the President signing into law today S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The legislation protects consumers and gives communities an economic boost, including rolling back burdensome Dodd-Frank provisions that had unintended consequences for consumers, home-buyers, and small business owners. The Senate passed the bill in March and earlier this week in the House, both with strong, bipartisan votes.
The bill includes the Credit Union Residential Loan Parity Act, standalone legislation of Senator Murkowski and Senator Wyden (D-OR) to spur business and job growth in local communities by providing small business owners better access to financial capital through credit unions. This legislation allows local credit unions more flexibility to lend to small businesses and ensures small housing project loans do not count toward the business lending cap for credit unions, specifically exempting loans for one-to four-unit non-owner occupied dwellings from the member business lending cap.
“Alaska’s small businesses are the backbone of our local economies. Our commonsense legislation will support those struggling to create jobs and grow our economy by allowing credit unions to treat loans that qualify for the exemption as residential loans with lower interest rates. By properly classifying three and four-plex loans for Credit Unions, we will free up needed capital for additional lending for small businesses in our community, providing Alaskans more economic opportunities and regulatory relief.” said Senator Murkowski. “Overall, this legislation maintains key consumer safeguards and provides community lenders with relief from unnecessary regulatory burdens that will help promote economic growth. It reduces unnecessary burdens on small, midsized, and regional financial institutions so they can use more of their capital to serve customers, rather than to comply with inefficient federal regulations that stifle economic prosperity. We are enabling financial institutions to get back to the business of staying connected and spurring investment in our communities, increasing capital and economic growth in our communities. I’m also proud this bill adds protections for veterans, seniors, and other consumers against fraud and identity theft.”
